Final Expense Insurance
The cost of your funeral might be more than you think. At a time when your family is already grieving, make sure they don’t have to worry about paying an expensive, unexpected funeral bill. Many seniors also find themselves on a fixed income and struggle with this. Plus, Social Security only pays a death benefit of $255 to qualifying seniors.
Final expense insurance can help shield your family from the hardship of final expenses like burial, funeral, and medical expenses. We know it’s hard to talk about end-of-life planning, but timely preparation can save your family from headaches and financial strain.
The cost of your funeral might be more than you think. At a time when your family is already grieving, make sure they don’t have to worry about paying an expensive, unexpected funeral bill. Many seniors also find themselves on a fixed income and struggle with this. Plus, Social Security only pays a death benefit of $255 to qualifying seniors.
Final expense insurance can shield your family from the hardship of final expenses like burial, funeral, and medical expenses. We know it’s hard to talk about end-of-life planning, but timely preparation can save your family from headaches and financial strain.
How Does Final Expense Insurance Work?
It’s important to understand the difference between final expense insurance and traditional life insurance! Final expense insurance is a small, whole life policy intended for seniors. It’s easy to qualify — even if you have one or more health conditions like diabetes, asthma, arthritis, cholesterol issues, blood clots, etc. Life insurance companies will use a risk table as an underwriting guide to determine who can get final expense coverage and how much they pay.
Final Expense Policies at a Glance
- No medical exam required
- Premiums don't increase
- Death benefit amount doesn't decrease
- Coverage is permanent - as long as the premiums are paid timely
You’ll pay a premium to keep the policy active. Four factors affect your premium amounts:
- Age
- Gender
- Health
- Tobacco usage
For low rates, the benefit is also less. The premium rates per payout are less for younger and healthier people as they are at a lower risk of death.
When the policyholder passes away, the company pays the death benefit to the listed beneficiary. Whoever receives this payout can use it for funerals and the leftover money for personal use as well. Basic final expense insurance has premiums of about $30-$70 per month. For this, you can get a death benefit of around $5,000 to $25,000.
Benefits Of Final Expense Insurance
Death is one of the most certain yet unpredictable things in our life. Make sure you protect your loved ones when you are no more. Final expense insurance lowers your financial risks, and enrolling in such policies early can be beneficial.
Final expense insurance:
- Is Affordable: By making a small payment of $30 to $70 every month, you can get coverage to help pay for your funeral, credit card debts, and medical bills after your death.
- Requires No physical or Medical exam: Unlike traditional life insurance policies, for final expense insurance, you don’t need to undergo a medical examination. You’ll just answer a few short health questions.
- Has Quick Payouts: After your death, your family will receive fast payouts to promptly help pay for arrangements for your burial.
- Helps You Plan: The average cost of a funeral can range from $6,000 to $11,000, depending on your location and how many “extras” are included. The total price typically involves a headstone, casket, gravesite, funeral director, transportation, and family gatherings. All this can be very expensive but insurance coverage can help.
- Has No Payout Restrictions – The beneficiary can use the death benefit for whatever purpose they want to. If they have a sum left, they can put it towards everyday bills.
Get Coverage for Your Family Today.
When loved ones die, families often spend more than they can afford to say a final goodbye; this leaves them in a tough financial situation. But with final expense insurance, you can help ensure they’ll have the funds to take care of your funeral. If nothing else, do it for peace of mind, and we can help you get started today.
Get a Final Expense Quote Today
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